J.C. Penney to Close 33 Stores, Cut 2,000 Jobs

Retailer Sees Annual Savings of About $65 Million Starting This Year

By

John Kell

Jan. 15, 2014 5:00 p.m. ET

J.C. Penney Co. is planning to close 33 underperforming stores and trim 2,000 positions, moves the department-store retailer said are necessary so it can focus on locations that can generate the strongest profits.

The planned closures come as the retailer is struggling to turn itself around after former Chief Executive Ron Johnson's failed effort to remake the company by doing away with promotions and eliminating in-house...